AB Ports searches for chairman

ASSOCIATED British Ports became the latest major UK company to start searching for a chairman after Ross Sayers announced his decision to quit less than two years after taking up the post.

Sayers, a 61-year-old New Zealander and veteran of the transport and utilities industries, is going because of 'additional, external responsibilities'.

His move looks something of a rebuff for ABP, which recruited him in 2002. Since then, Sayers has taken on directorships at Network Rail and international testing company Intertek. He was on the shortlist to head energy regulator Ofgem and has taken on an investment fund role at Macquarie Bank.

Two years ago Macquarie acquired ABP's US aviation assets, but the company denied Sayers was leaving because of any conflict of interest.

ABP is without a natural successor on the board as its previous deputy chairman George Duncan, 70, retired last year. Andrew Simon, 58, is ABP's senior independent director though his independence is questioned under the Higgs corporate governance code as he has been on the board 10 years.

A shortage of candidates for top company chairman has recently been highlighted with Sainsbury's, Barclays and Rexam all appointing their existing chief executive to chair the board in contravention of Higgs guidance.

ABP today reported a 3% rise underlying pre-tax profits to £141m. The dividend is up half a penny at 15.25p.